As the market leader North of NYC, Houlihan Lawrence is armed with the best-in-class data providing our elite agents with hyperlocal insights shaping our markets. Read on for our 2021 Q3 market reports, providing proprietary data-driven insights specific to the communities we serve in New York and Connecticut.
2021 is proving to be an extremely strong year for sales in Westchester, Putnam, and Dutchess Counties alike. In Westchester County, sales have increased 28% this year and 8% in Q3, with lower Westchester standing out with an increase of 39% year-to-date and 24% in Q3. Putnam County sales have increased 27% this year and 3% in the third quarter. Dutchess County has had the only decline in sales this quarter, down 7%, but sales are still up 22% for the year. This is not surprising as the Dutchess inventory was down 38% this quarter.
Historically low inventory levels and persistent buyer demand continue to drive our real estate market across all price points.
The number of luxury homes sales in Westchester County ($2M and higher), Putnam and Dutchess Counties ($1M and higher), Greenwich ($3M and higher), Darien and New Canaan ($2M and higher) posted gains in the third quarter and year-to-date, with nearly every price range realizing an increase.
In 18 months, the number of homes sold in Greenwich and Westchester equals the combined total of luxury homes sold in 2017, 2018, and 2019. Buyer appetite, inventory levels, and consumer confidence will determine how long this feverish pace of luxury sales will last.
Robust demand for homes in Greenwich, Connecticut, continued in the third quarter but at a more normalized pace than the prior quarter. Home sales rose as buyers struggled with fewer offerings, and shrugged off homes they determined to be overpriced. Ambitious sellers are learning that buyers are happy to wait for price reductions before taking the plunge, while strategically priced homes experience bidding wars.
During the third quarter, home sales in Darien, New Canaan, and Rowayton contributed to the record- setting levels experienced year to date in 2021. Despite a critical shortage of inventory for sale, buyers continued to place homes in our local markets at the top of their shopping lists.
The number of homes sold last quarter in Darien, New Canaan, and Rowayton lagged the same period the previous year by 32%, 10% and 36%, respectively. The record-breaking shortage of homes for sale across all price points in our markets has frustrated buyers as they patiently wait for an influx of new inventory.